Snooze you lose: London sleep tech firm Simba sees sales s-leap 295 per cent
London-based sleep technology company Simba has not slept on sales this year as it posted a 295 per cent leap, in its highest-ever first-quarter sales and profits.
The record year-on-year UK sales jump suggests consumers have invested heavily in their sleep after a tough 12 months while online shopping has seen a surge in interest.
“The shift to online shopping for many consumers that Covid accelerated is also showing no signs of abating,” chief executive, Steve Reid, said.
“The growth of the UK business has also spurred solid international growth and we look forward to accelerating our position and market share in France, China and Canada this year.”
The sleep technology firm also saw global sales soar 265 per cent, in comparison to the same period in 2020.
Its businesses in France, Canada, China also enjoyed record results as it expanded its partnership with Britain’s Belfield Group company USleep in the UK and EU.
The partnership, which bolsters Simba’s supply chain stability, sets the firm up nicely for sustained growth while it experiences record demand.
“Like many firms, we were hesitant about how Brexit would play out, but we made a number of improvements to our supply chain in 2020 which facilitated a smooth transition, rather than putting on the brakes,” the CEO added.
The firm is positive about its outlook for the year ahead and said it is on a trajectory for another record quarter.
“Sustained sales growth throughout 2020 has crucially been underpinned with continued and record profitability in 2021, validating that the model is not only robust, but sustainable,” chief operating officer, Nicholas Pink, said.